Forbes puts Packers outside the top 10 in NFL's most valuable teams

Green Bay Packers wide receiver Davante Adams (17) celebrates a touchdown with a Lambeau Leap in the second quarter against the Minnesota Vikings during their football game Sunday, Sept. 16, 2018, at Lambeau Field in Green Bay, Wis.(Photo: Dan Powers/USA TODAY NETWORK-Wis)

The Packers are listed 12th with a valuation of $2.625 billion, a 3 percent increase from last year. That includes $434 million in revenue and $62 million in operating income. For the 12th straight year, the Dallas Cowboys topped the list (worth $5 billion), and nobody else was particularly close.

The average team is worth $2.57 billion, a 2 percent increase last year (the smallest year-over-year increase since 2010).

New England, the New York Giants, the Los Angeles Rams and Washington round out the rest of the top five.

"Forbes’ team values are enterprise values (equity plus net debt) based on the multiples of revenue of historical transactions as well as offers to buy and invest in teams currently on the table. The values are based on each team’s current stadium (with adjustments for pending new stadiums and renovations). Revenue and operating income (earnings before interest, taxes, depreciation and amortization) are for the 2017 season, net of stadium debt service. Revenue from non-NFL events, like concerts and stadium tours, is included when such revenue is pocketed by the team owner or an entity the owner controls."